Market Plan for October 3rd, 2023

What follows a dull market?

Good evening folks,

We had one of those dangerous range days that we get every once in a while. We stayed within the 4270-4300 levels the entire day, with a few stop hunts on each side. It was definitely not a chaser’s market. Those who chased the price, hoping for a breakout were decimated by all the chopiness.

Market structure simply didn’t allow a big move to happen today. If you traded today, it would have been wise to keep wide stops. There are times when you can trade with very tight stops, and times when you need to keep wider stops, notably in dull markets. These types of markets are anything but dull when it comes to hitting your tight stops…

Do we finally break out of this range tomorrow? Let’s create tomorrow’s plan to find out: